Big League Corporations Explore Crypto and Blockchain Industry
From Starbucks and BMW to Amazon and PayPal, billion-dollar firms are exploring the blockchain and cryptocurrency industry
In 2008, the year of Bitcoin’s inception, few people noticed the onset of a new digital currency.
Fast forward 12 years, and Bitcoin is rapidly rising in the eyes and minds of individuals, investors, and corporations across the globe.
Moreover, Bitcoin laid the foundation for blockchain technology, an innovation that is now considered to revolutionize the landscape of multiple industries.
While the entire cryptocurrency and blockchain industry has a long way to go, the sector has gathered massive attention.
In this article, we analyze the progress of blockchain and cryptocurrency by examining the big league corporations that are investing in the sector.
Blockchain in Automobiles
According to research, the global blockchain market is expected to reach $5.6 billion by 2030, registering a growth of 29.3% from 2020 to 2030. Many automobile manufacturers have already started exploring blockchain for different use-cases.
Automobile giant Mercedes Benz is leveraging blockchain technology to enable transparency across its supply chain.
In February 2020, Mercedes announced a pilot test for tracking CO2 emissions across its cobalt supply chain. Furthermore, its parent company Daimler intends to explore blockchain for data sharing and gathering valuable insights.
BMW is exploring blockchain technology for various applications within its internal and external operations.
Pilot plans in the pipeline include the development of a decentralized platform for tracking a vehicle’s history, supply chain verification for tracking car parts and minerals, and decentralized charging networks for electric cars.
Tesla has explored the decentralized ledger to manage its supply chain operations more effectively.
In a 2020 pilot project, Tesla tested blockchain technology to track its cargo shipments. With blockchain, it plans to streamline its supply chain operations by sharing real-time data on its automobile parts.
Other automobile giants exploring the use of blockchain technology include General Motors and Groupe Renault.
Blockchain in Technology
Tech titans are exploring blockchain technology from a multitude of different dimensions.
Technology giant IBM is one of the biggest believers in the blockchain space.
From partnering with the shipping leader Maersk to acquiring various blockchain patents, IBM has more than 500 blockchain projects in development and on-ground.
IBM has also partnered with leaders of the shipping and food industry to provide innovative solutions using decentralized ledger technology.
Microsoft has focused on building private blockchain networks aimed at enterprise solutions.
The company released Microsoft Azure, a platform that enables developers to build private and consortium blockchain networks for their enterprises.
For instance, Starbucks utilizes Microsoft Azure services for tracking its coffee beans from farmers to stores on the blockchain’s ledger.
Similar to Microsoft’s project, Amazon also released its AWS blockchain marketplace that allows developers to build blockchain networks using its services.
The platform provides an infrastructure to build projects in different verticals using blockchain technology.
Other multi-billion tech corporations are investing in cryptocurrency and blockchain projects on different scales. Sony intends to utilize blockchain for managing IP rights in the music industry.
Samsung has already released blockchain phones that support the storage of cryptocurrency private keys. Google has also started investing in different blockchain projects. Other tech players include Facebook, Alibaba, Tencent, Oracle, Apple, Intel, and more.
Blockchain in Banking and Finance
The banking and finance sector is one of the industries most impacted from blockchain applications. As per research, blockchain in Banking, Financial Services, and Insurance (BFSI) is expected to grow at a CAGR of 73.8% from 2019 to 2026.
Let’s take a look at the fintech corporations and banking institutions exploring crypto and blockchain in different capacities.
Visa is leveraging cryptocurrency and blockchain with multiple projects in the pipeline.
The financial titan is pursuing the digital currency ecosystem to build a bridge between cryptocurrency and fiat money.
It also plans to provide the required infrastructure for financial institutions, merchants, and consumers to integrate the structure of digital currency.
Alongside Visa, Mastercard and PayPal have also released their plans on providing infrastructure for cryptocurrency payments.
2. BNP Paribas
BNP Paribas is testing blockchain and cryptocurrency with a multitude of projects. It has tested live payments with corporate clients in cross-border transactions with cryptocurrency.
It also partnered with accounting firm EY to leverage blockchain technology for driving efficiency in its operations and to build an integrated cash management approach with greater flexibility.
3. J.P. Morgan
J.P. Morgan has tested the decentralized ledger for cross-border payments by partnering with Singapore’s central bank.
It also plans to capitalize on blockchain technology for trade finance as a potential application. One of its major plans includes the JPM coin, a stablecoin intended for use by J.P. Morgan clients.
Blockchain in Food Supply Chains
Here are some of the top industrial leaders accessing blockchain technology to effectively manage food supply chains.
The world’s largest coffee chain uses blockchain’s ledger to trace its coffee beans from farmers to their retail stores. Blockchain facilitates a transparent ledger that records the multiple processes across the entire supply chain.
Walmart has partnered with IBM to use blockchain as a means to digitize their food supply chain and to promote transparency in its supply chain operations.
Its food safety blockchain solution tracks leafy vegetables on a blockchain network encompassing suppliers as one of the stakeholders.
Nestle has collaborated with different organizations to test blockchain projects for its food supply chain operations.
Its past experiments with blockchain include using the technology to trace milk from farms in New Zealand to Nestle factories in the Middle East. It has also worked with the IBM food trust to build transparency into its packaging of one of its products.
The Bottom Line
Blockchain innovation has captured the attention of big-league corporations for building different solutions in various verticals. In the next few years, we are likely to see the list of companies accessing blockchain networks growing.
While this technology has a long way to go, it is certainly on the right track.